XAUUSD SEEMS TO ESTABLISH NEW BULLISH IMPULSE
The recovery of the gold market appears to have gained momentum in recent days. This has resulted in the precious metal surpassing what appears to be a triangular pattern.
What is a triangle pattern?
A triangle pattern is a chart pattern with converging trendlines, signaling consolidation before a breakout. Types: Ascending (bullish, flat top, rising bottom), Descending (bearish, flat bottom, declining top), Symmetrical (neutral, both trendlines converge). To trade: Identify the pattern (two touches per trendline), wait for a breakout with volume, enter after confirmation, set stop loss below (long) or above (short) breakout, and target the triangle’s height projected from the breakout.
From here, a break above the June high of 3,450.00 would increase the probability of a further rise toward the record high near 3,500.00. But before that slight decline towards upper border of the symmetrical triangle with further rebound is expected.
The recovery of the gold market appears to have gained momentum in recent days. This has resulted in the precious metal surpassing what appears to be a triangular pattern.
What is a triangle pattern?
A triangle pattern is a chart pattern with converging trendlines, signaling consolidation before a breakout. Types: Ascending (bullish, flat top, rising bottom), Descending (bearish, flat bottom, declining top), Symmetrical (neutral, both trendlines converge). To trade: Identify the pattern (two touches per trendline), wait for a breakout with volume, enter after confirmation, set stop loss below (long) or above (short) breakout, and target the triangle’s height projected from the breakout.
From here, a break above the June high of 3,450.00 would increase the probability of a further rise toward the record high near 3,500.00. But before that slight decline towards upper border of the symmetrical triangle with further rebound is expected.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.